Adani Group stocks in the red ahead of Supreme Court hearing

Adani Group stocks were trading in the red ahead of a Supreme Court hearing scheduled later in the day. On Friday, the apex court had said that it will be examining a special panel's report on the Adani group's possible lapses in regulatory disclosures and pass orders.

At 10:15 am, Adani Enterprises was trading 3.45% lower at Rs 1,896.95 on the NSE. Meanwhile, Adani Ports & Special Economic Zone shares were trading at Rs 694.55 at this time, by Rs 5.45 or 0.78%.

Adani Transmission shares dropped 3.61% to Rs 852.85. Adani Green Energy shares lost 1.98% to trade at Rs 877.90.

Adani Total Gas shares were trading at Rs 779.30, down Rs 39.05 or 4.77%. Adani Power was at Rs 233.55, 3.03% lower from Friday's closing price.

Adani Wilmar stock dropped 1.36% to trade at Rs 386.90.

ACC, Ambuja Cements and NDTV shares were down between 0.7% to 1.5% around the same time.

India’s top court is hearing a plea filed by the market regulator seeking more time to conclude its own probe.

The Securities and Exchange Board of India (SEBI), in a petition filed on April 29, had sought six months to complete its probe, following a court order on March 2 that gave the regulator two months to submit its report.

However, the apex court said during a hearing on Friday that it is inclined to give the regulator three months to complete its probe, as granting six more months would be inappropriate.

The apex court had also formed a special panel to examine the regulatory framework and allegations levelled against billionaire Gautam Adani's conglomerate.

The special panel submitted its report to the Supreme Court earlier this week in a sealed envelope, the contents of which were not disclosed or discussed in Friday's hearing.

In January, US-based short-seller Hindenburg Research had raised several governance concerns around the Adani Group, and alleged improper use of tax havens and stock manipulation by the ports-to-energy conglomerate. The group has denied all the allegations.